Abstract
We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance - particularly when house prices on aggregate level increase.
Originalsprog | Engelsk |
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Publikationsdato | 2020 |
Status | Udgivet - 2020 |
Begivenhed | The 80th Annual Meeting of American Finance Association. AFA 2020 - San Diego, USA Varighed: 3 jan. 2020 → 5 jan. 2020 Konferencens nummer: 80 https://afajof.org/annual-meeting/ |
Konference
Konference | The 80th Annual Meeting of American Finance Association. AFA 2020 |
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Nummer | 80 |
Land/Område | USA |
By | San Diego |
Periode | 03/01/2020 → 05/01/2020 |
Internetadresse |
Emneord
- Housing market
- Price comovements
- Urban economics
- Real estate
- Repeat sales